PMEA Blog

MANILA - A foreign miner has placed a performance bond as part of its application to have a Financial or Technical Assistance Agreement (FTAA) with the government for its mining project in the Philippines.
“Metals Ex (Metals Exploration Plc) submitted a bond of P175 million,” mines bureau chief Horacio Ramos told reporters.
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By Riza T. Olchondra
Philippine Daily Inquirer
THE PHILIPPINES IS HOPING TO ATtract as much as $650 million in mining investments this year but less than half has been infused into so far.
“It’s hard to tell if we can reach that ($650 million) target. As of August, the investment stood at $300 million only,” Mines and Geosciences […]

Sumitomo Metal Mining Co said that it has bought a 16.5% stake in Nickel Asia Corporation of the Philippines for about USD 39 million as it seeks to boost its global competitiveness.
Sumitomo Metal considers the alliance to be the formalization of an existing relationship with Nickel Asia. An example of this is the provision of […]

TOKYO, Aug 19, 2009 (Dow Jones Commodities News via Comtex) — STMNF | Quote | Chart | News | PowerRating — Sumitomo Metal Mining Co. (5713.TO) said Wednesday that it has bought a 16.5% stake in Nickel Asia Corp. of the Philippines for about $39 million, as it seeks to boost its global competitiveness.
The Tokyo-based […]

Toledo Mining Corp. (LON: TMC) has announced that a third shipment of ore has been shipped to BHP Billiton’s
(ASX: BHP) Yabulu refinery from the Berong mine on Palawan island in Philippines containing 48,108 tonnes of ore at 1.5% nickel and 30% iron.
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By Riza T. Olchondra
Philippine Daily Inquirer
VANCOUVER-BASED MINING FIRM Cadan Resources Corp. has raised $2.5 million in gross proceeds from private placements to fund its operations in highly mineralized areas in Mindanao.
Company president and CEO Brett Taylor said in an announcement that the proceeds came from 25,000,000 units priced at $0.10 each.
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By Fernan Gianan, Amy R. Remo
Inquirer Southern Luzon, Philippine Daily Inquirer
MANILA, Philippines—Monte Oro Resources & Energy Inc. abandoned its search for coal in Catanduanes province as early as last year, the company said Tuesday.
“Based on our exploration program which has been completed, we do not consider the potential sufficient to our proceeding with the next […]

Philippine Daily Inquirer
MANILA, Philippines—Environment groups may be strongly opposed to its use, but coal is likely to remain the fuel of choice for power generation due mainly to its abundance and relatively lower price as compared to other fuel types.
The Philippine Energy Plan, which aims to reduce coal imports by 20 percent and encourage local […]

MANILA, Aug 14, 2009 (Dow Jones Commodities News via Comtex) — PLXCF | Quote | Chart | News | PowerRating — Philex Mining Corp. (PX.PH) said Friday its Padcal copper-gold mine in the northern Philippines had proven ore reserves of 73.8 million metric tons as of June.
The reserves have a copper content of 0.23% equivalent […]

CALGARY, Aug. 14 /CNW/ - TVI Pacific Inc. (”TVI” or the “Company”) today released second quarter operating statistics for the Canatuan Mine in the southern Philippines, which has generated gross revenues of $20.7 million since the initiation of commercial operations (targeting the sulphide zone) on March 1, 2009. Canatuan is operated by TVI’s Philippine affiliate, […]